Existing-home sales declined 1.3% in June as the condominium market showed further deterioration and house price appreciation flattened out.The National Association of Realtors reported that sales of single-family homes, condominiums, and cooperatives fell from a seasonally adjusted annual rate of 6.71 million in May to 6.62 million in June. Condo and co-op sales declined by 5.5% in June, and condo prices are down 2.1% from the level recorded in June 2005. Single-family home sales slipped 0.9% in June, and single-family home prices are up 1.1% from those of a year ago. "The change in price performance is directly tied to housing inventories," NAR chief economist David Lereah said. Last year, the inventory of unsold homes was at a lean 4.4-month supply in June. Now there are 3.73 million existing homes on the market, representing a 6.8-month supply at the current sales pace.
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The San Diego company was back in the black with a net income of $28.5 million in the first quarter of 2024, up from a net loss of $93 million the previous quarter.
May 9 -
The agreements at the heart of the hearing did not cover the one reached with the National Association of Realtors or those people that only bought homes.
May 9 -
Feds say Chicago businessman Mark Steven Diamond defrauded at least 80 victims and caused at least $6 million in losses.
May 9 -
Fannie Mae's tool, used by originators to determine income levels for self-employed borrowers, aims to help them avoid potential underwriting errors, the government-sponsored enterprise said.
May 9 -
The 30-year fixed rate mortgage fell for the first time in six weeks as the Federal Open Market Committee meeting outcome is finally priced in.
May 9 -
The home purchase market right now is healthier than it was last year, said CEO Mat Ishbia, noting a 24% increase in volume over the recent period compared to Q1 2023.
May 9